Wednesday, 19th January 2022
Breaking News:

Diri presents N310.7b 2022 appropriation bill to Bayelsa House of Assembly

By Julius Osahon, Yenagoa
21 October 2021   |   3:50 am
Bayelsa State Governor, Douye Diri, yesterday, presented a 2022 appropriation bill of N310.7 billion to the State House of Assembly for consideration.

Diri. Photo/FACEBOOK/govdouyedirinewmedia

Bayelsa State Governor, Douye Diri, yesterday, presented a 2022 appropriation bill of N310.7 billion to the State House of Assembly for consideration.

Tagged, ‘Budget of Sustainable Growth’, Ministry of Works and Infrastructure will have the highest allocation of N51 billion to drive the critical infrastructure programme of the administration.

The budget is to be funded partly from borrowings and grants from development partners, according to the governor.

The Ministry of Agriculture was allotted N12 billion, followed by Education and Health, which received N4 billion each, while Finance was allotted N3 billion.

The governor stated that the Ministries of Power, Transport and Information, Strategy and Orientation got N1.5 billion each while Housing and Rural Development, Special Projects and Ijaw National Affairs were allotted N1 billion each.

Ministry of Water Resources received N600 million while Trade and Investment, Budget and Economic Planning, Science and Technology, Culture and Tourism and Youths and Sports Development got N500 million each.

Giving a breakdown of the budget, Diri said capital expenditure would gulp N110.98 billion, representing 35.72 per cent of the budget, while personnel cost was estimated at N67,413,549,335, representing 21.69 per cent of the total projected expenditure.

Running cost was estimated at N70,568,791,500, which is 22.71 per cent of the total budget estimate.

Consolidated revenue fund charges, pension and gratuity, Group of 32 Rural Development Areas, federal deductions, debt repayment and other deductions were estimated at N61,755,267,518, which represent 19.88 per cent of the total budget.

Diri also highlighted the budget revenue estimates with an opening balance of N1.902 billion, which include statutory allocation of N43.034 billion; Value Added Tax, 15.233 billion; 13 per cent derivation, N117.3 billion; excess crude, N43.57 billion; internally generated revenue, N20 billion; among other items and a loan of N43.57 billion to make up a grand total of N310.7 billion.

The governor said the 2022-2024 Medium-Term Expenditure Framework and Strategy Paper was based on key assumptions, which are crude oil production per day of 1.88 million barrels, oil price projections of $57 per barrel and an exchange rate of N410.15 to $1.

The governor said expected aids and grants from development partners at national and international levels were estimated at N24.7 billion, which is eight per cent of the total budget estimate. He noted that the government projected a deficit of N45.5 billion, which is 14.4 per cent of the total budget to be funded by loans.

He said: “Our projections for this year are slightly lower than that of the 2021 budget by N19 billion. The outgoing year’s budget was N329 billion, indicating a reduction of about 3.54 per cent. It is thus my conviction that this Budget of Sustainable Growth will steer us in the right direction by prudently allocating resources.”